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Feb 5, 2013
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we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back, everybody. this is "the kudlow report." i'm larry kudlow. in this half hour, president obama on the campaign trail in minneapolis to promote new gun lawses. he's not going to get the assault weapons ban he wants. he should have gone to chicago where they have a real gun and murder problem. would you put millions of bucks on an investment with only a 20% chance of success? that's what they do when it comes to broadway shows. our own mario bartiromo will go behind the scenes of that world in a primetime special. she'll be here to talk about it. first up, guess what. here's a surprise. president obama wants another big tax hike. he pretends the sequester wasn't his idea. remember, this whole across the board budget cut deadline was his plan going back to 2011. how about
we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back, everybody. this is "the kudlow report." i'm larry kudlow. in this half hour, president obama on the campaign trail in minneapolis to promote new gun lawses. he's not going to get the assault weapons ban he wants. he...
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Feb 11, 2013
02/13
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that is not going to be derailed by what i call a religion of orthodoxy of the environment. in other words, they're -- what i regard as being practical about the environment, that's important because they have a lot of resource businesses that will not be hurt by willy-nilly laws that could be passed that really do exappropriate nate a lot of their property. that's a little bit of a conservative view, but that's the way it take it. let's go to john in ohio. >> caller: hi, jim. how should i play a spinoff? should i spell the parent company or sell the company that was spun off or hold -- >> case by case, i typically like to keep the parent and sell the sub. but in some situations like abbott, i like abbott more than abv. it's case by case and if it's -- for instance, i spend a huge amount of time trying to describe what is better. i do my best on this show to tell you too. you want your portfolio to shine in any market, you have to own gold. i prefer the gld over the bouillon. but both give you insurance against chaos. and please don't buy the individual stocks of gold miners
that is not going to be derailed by what i call a religion of orthodoxy of the environment. in other words, they're -- what i regard as being practical about the environment, that's important because they have a lot of resource businesses that will not be hurt by willy-nilly laws that could be passed that really do exappropriate nate a lot of their property. that's a little bit of a conservative view, but that's the way it take it. let's go to john in ohio. >> caller: hi, jim. how should...
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Feb 9, 2013
02/13
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in part because cruises represent such a strong value proposition in this environment. one more thing before i drill down to whether you should sail away on carnival or royal caribbean. for cruise operators, net yield is how we measure them, the purest measure of a cruise company's pricing power. net yield is the ticket price minus the cost of getting there, plus on board spending, minus any commissions paid to travel agents, all which is then divided by the number of veil cruise days. simply put, this is a metric that tells you how much the cruise companies are squeezing out of their passengers. you get a 1% change in net yield in carnival or royal caribbean, that's enough for a 7% earnings in share for either company. this is a gigantic, incredibly easy way to tell how their business is doing, like same-store sales tore retail or revenue per available room for hotels. right now the net yield is in a fabulous position to go higher, thanks to higher demand, lower supply of ships and more and more people are booking online. given that commissions are paid right to the tr
in part because cruises represent such a strong value proposition in this environment. one more thing before i drill down to whether you should sail away on carnival or royal caribbean. for cruise operators, net yield is how we measure them, the purest measure of a cruise company's pricing power. net yield is the ticket price minus the cost of getting there, plus on board spending, minus any commissions paid to travel agents, all which is then divided by the number of veil cruise days. simply...
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Feb 6, 2013
02/13
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. >> in terms of the overall environment right now, where are we in terms of trust and sentiment? we've got the libor scandal. we continue to see sort of upsets in the banking world. >> right. >> do you think that a lot has changed, or not? >> it is -- it is had, and i don't think a lot has changed. it's gotten marginally better, but the reforms have been pretty incremental, and most of the dodd/frank rules haven't even been finalized yet so that does concern me, and i think as the public watches this, they are losing confidence in the regulators as well to get this job done. they need to know that the regulatory community is, you know, standing up for them and policing these institutions appropriately, and whether the industry wants to acknowledge that or not, that's in the industry's interest for the public, and their customers to view them as being regulated by people of integrity, so i don't. i'm disappointed at the pace of reform. we haven't seen a lot of changes other than very incremental changes, but i'm hoping that maybe this year will be the year when we can finally get
. >> in terms of the overall environment right now, where are we in terms of trust and sentiment? we've got the libor scandal. we continue to see sort of upsets in the banking world. >> right. >> do you think that a lot has changed, or not? >> it is -- it is had, and i don't think a lot has changed. it's gotten marginally better, but the reforms have been pretty incremental, and most of the dodd/frank rules haven't even been finalized yet so that does concern me, and i...
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Feb 7, 2013
02/13
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we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to "the kudlow report." in this half hour, mahmoud ahmadinejad says iran is now a nuclear country. does that mean the rogue regime already has nuclear weapons? we'll get an answer later on. on what would have been president reagan's 102nd birthday, we will honor reagan with a look at many of his messages that resonate today. we have more of his best comments for you and we have reagan biographer craig shirley who will join us later this half hour. first up, major automatic spending cuts set to kick in march 1. republicans are gearing up for another big spending fight with the white house. president obama is urging congress to delay the cuts and smack us with another big tax hike. earlier i had a chance to speak with eric cantor from virginia. i asked for his response b
we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to "the kudlow report." in this half hour, mahmoud ahmadinejad says iran is now a nuclear country. does that mean the rogue regime already has nuclear weapons? we'll get an answer later on. on what would have been...
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Feb 6, 2013
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>> i think that's -- that's the environment. there will be short term investors looking at this stock. he wants us to focus on long term. the short term reality is comps are down 30 something percent probably this quarter. the short term is what we have to look at. >> fascinating stuff today. thank you very much for your insight. we'll talk to you later. let's get back to headquarters and the halftime. >>> carl thank you very much. we go to the halftime show. the dow is down a point. one market watcher says the s&p will drop 200 points this year. he'll tell you why coming up. >>> coffee talk, green mountain earnin earnings. up 52% this year. we'll talk to our late traders and the shares of apple up as much as 2% with creditors crediting it on legend mu tall fund bill miller and we're talking with others. what kind of activity are you seeing otherwise in shares of apple? >> it was pretty normal, which means tepid in the first hour of trading even though this was a very active trading stock and option class. the first hour traded
>> i think that's -- that's the environment. there will be short term investors looking at this stock. he wants us to focus on long term. the short term reality is comps are down 30 something percent probably this quarter. the short term is what we have to look at. >> fascinating stuff today. thank you very much for your insight. we'll talk to you later. let's get back to headquarters and the halftime. >>> carl thank you very much. we go to the halftime show. the dow is...
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Feb 4, 2013
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then if you look at the regulatory environment, it isn't healthy. you have to say we're constrained as far as providing credit to consumers. all in all, i think it's hard to put a bold case together that's relying on fundamentals. >> what about that? is that rally about the fed and not the fundamentals? >> yes to some extent. but i'm advising my clients that optimism rules the day. and in fact, i see equity prices and higher equity prices and bond yields being recurring themes through 2013? >> when do you expect rates to start moving up? if we start seeing rock bottom rates actually move in step with economic improvement? >> well, i don't think either of the markets the bond market or the equity markets with the economic improvement to be honest with you. negative gdp growth last week. >> what would be the catalyst to move? >> i think the catalyst to move interest rate is higher equity prices. inverse relationship, right? we'll go up because informsers need to come back on fixed income. on days like today, obviously my clients and their -- and me as
then if you look at the regulatory environment, it isn't healthy. you have to say we're constrained as far as providing credit to consumers. all in all, i think it's hard to put a bold case together that's relying on fundamentals. >> what about that? is that rally about the fed and not the fundamentals? >> yes to some extent. but i'm advising my clients that optimism rules the day. and in fact, i see equity prices and higher equity prices and bond yields being recurring themes...
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Feb 11, 2013
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we saw that last year in an environment when mna activity was down 9% globally. our advisory fees were up approximately 30%. so we're taking market share in a skig cant way. >> and you're expecting dealing this year? >> i think we would expect, you know, you never know. would i put my money or own or under? i would put my money on over. >> all right. you're a betting man. ralph, good to have you on our program. ralph schlosstein. >>> again refusal to raise taxes as part of a deal to avoid automatic spending cuts. tom cole will speak with me about the brewing battle in the national's capitol. >>> a fury erupts after a company tells customers they're watering down its bourbon. stay with us. [ male announcer ] any technology not moving forward is moving backward. [ engine turns over, tires squeal ] and you'll find advanced safety technology like an available heads-up display on the 2013 lexus gs. there's no going back. >>> welcome back. less than three weeks until automatic budget cuts kick in which will trigger job losses and perhaps an economic setback. john harwo
we saw that last year in an environment when mna activity was down 9% globally. our advisory fees were up approximately 30%. so we're taking market share in a skig cant way. >> and you're expecting dealing this year? >> i think we would expect, you know, you never know. would i put my money or own or under? i would put my money on over. >> all right. you're a betting man. ralph, good to have you on our program. ralph schlosstein. >>> again refusal to raise taxes as...
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Feb 4, 2013
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are those the right funds to be in in this environment? >> well, when you think about van if guard's target date funds, for example, our oldest fund down here, wellington fund, it maintains roughly a 65% equity ratio and that would be kind of middle of the road balanced funds position, and part of that is, because we're selling a balanced fund. an interesting part of the mutual fund business is you have to rebalance, because if you let that 65% go to say 80% you won't have the balanced fund you're offering the public. so the market is sort of discipline. i hate to talk about that because i don't like marketing in this business very much. but that's a strategy. but i don't think it's a strategy all investors need to follow. >> jack, when you're looking in the market and thinking ahead six, nine months are you willing to look beyond the risk of the payroll taxes going to hit all those consumer facing businesses, and are you talking sort of the broader perspective that actually the economy really is healing properly now or does it make you ne
are those the right funds to be in in this environment? >> well, when you think about van if guard's target date funds, for example, our oldest fund down here, wellington fund, it maintains roughly a 65% equity ratio and that would be kind of middle of the road balanced funds position, and part of that is, because we're selling a balanced fund. an interesting part of the mutual fund business is you have to rebalance, because if you let that 65% go to say 80% you won't have the balanced...
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Feb 11, 2013
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. >> so it doesn't matter that we've come this far in this environment. >> i don't think so. as long as they continue to print money, as long as interest rates are sustainable at about these levels. as long as they use that printed money to buy mortgage backed securities. as long as they buy mortgage backed securities from originating banks. as long as they are then selling these to investors who believe that mortgage guarantee is a real guarantee, housing will continue on. >> let me frame it also this way, the most tradeable, so to speak, housing markets right now are what? for people who are interested in the type of thing you're talking about. >> in terms of a company or in terms of a region? >> regions. >> regions have been the southwest. so california, nevada, arizona, texas. all three cities in texas have been the fastest growing housing markets in the nations for six months. austin, houston, dallas, atlanta, florida. segments of the carolinas, primarily all of the southern states. >> okay. josh brown, how about macy's? what's your trade there? >> this is a really excit
. >> so it doesn't matter that we've come this far in this environment. >> i don't think so. as long as they continue to print money, as long as interest rates are sustainable at about these levels. as long as they use that printed money to buy mortgage backed securities. as long as they buy mortgage backed securities from originating banks. as long as they are then selling these to investors who believe that mortgage guarantee is a real guarantee, housing will continue on. >>...
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Feb 6, 2013
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we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ [ticking] >> when the headline-making cold fusion experiment was debunked in 1989, it was quickly consigned to the science junkyard. but 20 years later, cold fusion research was making news again and again drawing criticism. with so many open questions, we asked an independent authority, distinguished physicist rob duncan, to take a look. >> when we first called you... >> uh-huh. >> and said we'd like you to look into cold fusion for 60 minutes, what did you think when you hung up the phone? >> i think my first reaction was something like, "well, isn't that--hasn't that been debunked?" >> we asked duncan to go with us to israel where a lab called energetics technologies has reported some of the biggest energy gains yet. >> we are delivering power into the cell. >> when i got there, i j
we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ [ticking] >> when the headline-making cold fusion experiment was debunked in 1989, it was quickly consigned to the science junkyard. but 20 years later, cold fusion research was making news again and again drawing criticism. with so many open...
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Feb 5, 2013
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66% of the trading days in the beginning of tlooent and if you look over the next two years it's an environment where it's very beneficial to stocks, low interest rates, valuation, and we'll see this year about a 12% growth in dividends and that's going to be another important catalyst like it was last year to stock returns. >> okay. so, in other words, do you think we're going to see a correction before we continue higher, or are you worried that in fact we're on shaky ground because of valuations? >> maria, i'm -- i'm a bit worried because the last couple of weeks bullish sentiment by individual investors is now at about 50%. that's usually associated with a hiccup in the market. >> mm-hmm. >> last year we had two 2% connections and we're up 16% to 20% in stocks. get ready for the same this year, but from point to point it will be a productive year for stock investors again because of all this monetary stimulation and stock valuation. >> john, you're sitting there on the trading desk and seeing the flow. what is the flow right now? do you think this market wants to continue going higher? >> y
66% of the trading days in the beginning of tlooent and if you look over the next two years it's an environment where it's very beneficial to stocks, low interest rates, valuation, and we'll see this year about a 12% growth in dividends and that's going to be another important catalyst like it was last year to stock returns. >> okay. so, in other words, do you think we're going to see a correction before we continue higher, or are you worried that in fact we're on shaky ground because of...
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Feb 4, 2013
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interest rates are a very different environment, very different situation today. overseas, i do think the emerging markets do represent a much -- an excellent buying opportunity here. i think they tend to outperform the u.s. going forward. >> jeff, of which of these two asset classes are the most dangerous, in your view? the long end of the bond market or gold? >> i would think the long end of the bond market. i've been in this business for 42 years as of last month. i've seen the long treasury bond go in a 3% yield to almost a 15% yield. people think they cannot lose money in bonds. i'm here to tell you, you can lose a lot of money in bonds, especially in bond funds. so i think you need to be very careful with the fixed income side of your asset allocation. >> guys, we'll leave it there. thank you for kicking off the week with us. thank you both. >>> a couple of insiders making profits off the rally. kayla tausche has more on that. >> perhaps the biggest signal of confidence in a company is when the executives and directors start scooping up shares. much of that
interest rates are a very different environment, very different situation today. overseas, i do think the emerging markets do represent a much -- an excellent buying opportunity here. i think they tend to outperform the u.s. going forward. >> jeff, of which of these two asset classes are the most dangerous, in your view? the long end of the bond market or gold? >> i would think the long end of the bond market. i've been in this business for 42 years as of last month. i've seen the...
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Feb 11, 2013
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so, what now is changing the environment such that it can happen? >> well, we had a price trigger over the last decade and that led to innovation and the employment of a lot of cap tam by a lot of companies and here we are growing our production base by over million barrels a day per year and there's no real end in sight. >> a key also to this is oil demand will come down. we're actually hitting the sort of, this trajectory growing independence as the confluence of factors are forming where the consumption will come down. >> the consumption has come down. we were consuming 22 million barrels a day only in 2005 and now we are consuming 3 million barrels a day less than that. and a lot of that has been in the last five years. >> so, what's going to be the incentive for oil companies to continue producing to reach this energy independence if consumption is already coming down and the prices are falling? >> we live in a world where petroleum products are to global market. demand globally is continues the grow. as long as the product demand is there, pri
so, what now is changing the environment such that it can happen? >> well, we had a price trigger over the last decade and that led to innovation and the employment of a lot of cap tam by a lot of companies and here we are growing our production base by over million barrels a day per year and there's no real end in sight. >> a key also to this is oil demand will come down. we're actually hitting the sort of, this trajectory growing independence as the confluence of factors are...
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Feb 12, 2013
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they certainly have perspective on regulatory environment and improvements made or not made since then. >> how much cost? >> roughly $600 million, if you add administrative cost close to $700 million in fees. that's paid by wall street, by you and me if we invest. >> $700 million to reclaim $9 billion. >> which they say is a decent investment. >> thank you very much. >>> ahead on the program, intel and netflix both unveiling big plans to be front and center on your tv set. julia borsten at a media conference in laguna niguel, california. >> that's right, simon, digital and tech giants here and making big moves to own a piece of the future of television. i'll tell you about intel and netflix announcements coming up after the break. look, if you have copd like me, you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium
they certainly have perspective on regulatory environment and improvements made or not made since then. >> how much cost? >> roughly $600 million, if you add administrative cost close to $700 million in fees. that's paid by wall street, by you and me if we invest. >> $700 million to reclaim $9 billion. >> which they say is a decent investment. >> thank you very much. >>> ahead on the program, intel and netflix both unveiling big plans to be front and...
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Feb 8, 2013
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we were able to grow revenues and challenging economic environment. our gross margins were the highest they have ever been. we had record cash flow at $1.3 billion. we had a very successful year and our aim is to carry that momentum into 2013. we will talk to analysts about our strategies and how we would like to do that. >> ty? >> i would like to ask mr. stockton a couple of questions that seem to me to be a possible head winds for your company. number one, are young children playing as much with what we would call traditional toys or are they substituting handheld devices and other electronics? that's number one. number two, for your business, are you heavily dependent, more than you used to be, on the success of other company's franchises, character franchises, whether it is disney or universal characters for your success. >> that's a great couple of questions. let me start with digital play. we track kids play all the time as you might expect since we are the largest toy company in the world. what we found is that traditional play is really unchan
we were able to grow revenues and challenging economic environment. our gross margins were the highest they have ever been. we had record cash flow at $1.3 billion. we had a very successful year and our aim is to carry that momentum into 2013. we will talk to analysts about our strategies and how we would like to do that. >> ty? >> i would like to ask mr. stockton a couple of questions that seem to me to be a possible head winds for your company. number one, are young children...
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Feb 8, 2013
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higher interest, whether or not stocks go up in that environment. back re going to send you now to a place where the weather should be much better. us want to be there i think. mr. kernen. >> oh, thanks, andrew. coming up our newsmaker of the hour, famed corporate leader carol bartz is going to speak out on yahoo! apple and much more. plus the northeast bracing for a major winter storm. 2600 flights already grounded. forecasters warning that this storm could be among the worst ever. although it is winter. a live report from laguardia when we return. ♪ [ engine turns over ] [ male announcer ] we created the luxury crossover and kept turning the page, writing the next chapter for the rx and lexus. this is the pursuit of perfection. >>> welcome back to "squawk" this friday. take a look at how the futures are setting up ahead of the market. dow looks like it would open up about 4, nasdaq up about 2, and the s&p up about a point. also in the headlines, the northeast bracing for a winter storm called nemo. and it looks like a bad one. 2600 flights alrea
higher interest, whether or not stocks go up in that environment. back re going to send you now to a place where the weather should be much better. us want to be there i think. mr. kernen. >> oh, thanks, andrew. coming up our newsmaker of the hour, famed corporate leader carol bartz is going to speak out on yahoo! apple and much more. plus the northeast bracing for a major winter storm. 2600 flights already grounded. forecasters warning that this storm could be among the worst ever....
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Feb 12, 2013
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we need to create an environment in which business can expand. we can create jobs and we can be competitive globally. and, in fact, frankly, we're growing our economy. now last month, or last quarter, as you know, gdp went down for the first time in a very long time. why? because of instability in dealing with our fiscal challenges. and we have to get over that. the president's going to talk about that and talk about job growth, as it relates to his inaugural address my view is this is a person very, very hotly contested election, received only the second president or the first president -- the first president since lyndon johnson, actually franklin roosevelt, to get a majority of the votes in two elections running. no democratic president before him has done that since roosevelt. so majority of the people that voted for house members voted for democrats. although we didn't take back the house. we expanded our majority in the that. that doesn't mean that we just ought to do it our way. the republicans control the house. we need to have a compromi
we need to create an environment in which business can expand. we can create jobs and we can be competitive globally. and, in fact, frankly, we're growing our economy. now last month, or last quarter, as you know, gdp went down for the first time in a very long time. why? because of instability in dealing with our fiscal challenges. and we have to get over that. the president's going to talk about that and talk about job growth, as it relates to his inaugural address my view is this is a person...
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Feb 6, 2013
02/13
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that's a favorite with the environment for sustained economic growth. and a relatively favorable stock market. and that's the broader thing -- >> if we have a conversation about companies and earnings, is that an on, stri -- o strich conversation? are we ignoring big hammers coming down? or are we to the point where we should be having these conversations? >> they've normalized in the sense that all the central bank exertions, that's the context, okay. we now all agree that's the context. it's, you know, the -- the japanese are now a very forgiving margin clerk to the world, okay. they're giving the world all this money. now -- yes, it's been a very good, healthy rotational stock market. and when you have that as just context and not a matter of suspense, what's the fed going do? we know what's going to happen. it's there in the background. i do think it's positive that we're talking about companies, trajectories, what's a fair price to pay for a given company in the business cycle. i agree. michelle, i agree that people are kind of eager to say tactica
that's a favorite with the environment for sustained economic growth. and a relatively favorable stock market. and that's the broader thing -- >> if we have a conversation about companies and earnings, is that an on, stri -- o strich conversation? are we ignoring big hammers coming down? or are we to the point where we should be having these conversations? >> they've normalized in the sense that all the central bank exertions, that's the context, okay. we now all agree that's the...
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Feb 5, 2013
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i just want to understand, though, is there a new environment there washington now? because we've been talking about the perception that you and the democrats and the president are working to the better. would you characterize it that way or not? >> well, i certainly hope so. you know, again, and the difficulty in working with the president thus far has been that he's not demonstrated a commitment to try to do something about the out-of-control spending. and we know it's all connected to the entitlement growth in this country, and it seems as if he's not willing to tackle that. we remain committed to working with him, and i hope that he can lead. you know, listen, i know that our international allies are looking for america to get its fiscal house in order so that they can see a better day in their country. we've got folks here at home that we want to help. and that's why we're taking the positions that we do. and today, i want to talk about how we can help folks see a better path to a bretter future and that's through innovative and solid proposals to improve prospe
i just want to understand, though, is there a new environment there washington now? because we've been talking about the perception that you and the democrats and the president are working to the better. would you characterize it that way or not? >> well, i certainly hope so. you know, again, and the difficulty in working with the president thus far has been that he's not demonstrated a commitment to try to do something about the out-of-control spending. and we know it's all connected to...
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Feb 11, 2013
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and joe, listen, you have to adapt it to the particular work environment you're in. but even a week, would be tremendous -- >> okay. >> if, joe, you're good at recovering during that week. >> all right. >> so it's not how long you recover. just as it's not how long you work. it's how well you recover just as it's how well you work. so when you're vacationing, you need to go on vacation. >> going and playing really bad golf in front of a lot of people laughing at you for eight hours, that's not really a vacation? >> well, it's golf. >> right. a good walk spoiled. >> a bad day at vacation is better than a good day at work. >> the worst -- oh, no, i can't tell you that. >> i got you guys going now. >> you did. you did. coming up, a final market prediction from rebecca patterson. we'd be remiss if we didn't talk about that yen? it's going to 100? >> yes. >> belowing away the s&p. >> before we let her leave for her day job she's getting a break being on the show today. plus a programming note. don't miss cnbc's coverage of the state of the union tomorrow. i know michelle
and joe, listen, you have to adapt it to the particular work environment you're in. but even a week, would be tremendous -- >> okay. >> if, joe, you're good at recovering during that week. >> all right. >> so it's not how long you recover. just as it's not how long you work. it's how well you recover just as it's how well you work. so when you're vacationing, you need to go on vacation. >> going and playing really bad golf in front of a lot of people laughing at...
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in today's environment, there's a tremendous demand for high-quality, cash flow incomes for individuals, for institutions, for pensions, for insurance companies. so we think that if they distributed preferred stock with say a 4% yield there would be enormous demand. share holders that want that stable income could keep it and shareholders that want to own apple for the upside within the operations would continue to simply own the common and they would get a -- be able to take a lot of money off the table by selling the preferred to institutions that want it. >> you are long apple, right? is this all you think they need to do to get this stock moving again. this is a stock that has had quite a fall since its peak back in september? >> very simply put, we think for every 50 billion of prefer they had issue, it would unlock about $32 a share in apple. if apple used about half of their earnings toward this program, we think they would be able to issue approximately $500 billion, which would unlock about $320 per share and that assumes that the pe multiple doesn't expand. >> david, just to n
in today's environment, there's a tremendous demand for high-quality, cash flow incomes for individuals, for institutions, for pensions, for insurance companies. so we think that if they distributed preferred stock with say a 4% yield there would be enormous demand. share holders that want that stable income could keep it and shareholders that want to own apple for the upside within the operations would continue to simply own the common and they would get a -- be able to take a lot of money off...